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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 29985
Experience:  Lawyer
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I bought a truck and signed with a $ amout, now they can't

Customer Question

I bought a truck and signed with a $ amout for payments, now they can't get me those payments and want me to sign a new contact. Can I get out of this and get my old car back?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Lucy, Esq. replied 1 year ago.


I'm Lucy, and I'd be happy to answer your questions today.

If you signed a contract stating that they promised to sell you a car for a specific price and a specific monthly payment, that is binding on them. But not giving you that payment, they're in breach of contract. You do not have any legal obligation whatsoever to agree to a higher payment. Look at your contract very carefully - sometimes it says something like the contract is contingent upon you receiving financing. If that's the case, and they couldn't get the promise payments, the contract fails. You have no agreement, and they'd have to give your car back and cancel the deal. But the contract may also require that you make reasonable efforts to find financing, which could mean applying for loans at other banks. Go through the paperwork you signed.

And if they try to make you sign anything other than the original agreement, you can insist that they show you WHERE the original contract says you have to. Otherwise, they can't make you pay more. And it could be a violation of unfair and deceptive trade practices laws to promise someone an interest rate or payment that is not available, so if they give you a hard time, you can ask the Attorney General's Office to investigate (and you can tell them you're doing that).

If you have any questions or concerns about my response, please reply WITHOUT RATING. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I am paid for the time I spend answering questions. If you are on a mobile device, you may need to scroll to the right. There is no charge for follow-up questions. Thank you.

Customer: replied 1 year ago.
At bottom of contract it states: With Recourse. If this Assignment is made "with recourse" as indicated on page1, Assignee takes this Assignment with certain rights of recourse against seller. Seller agrees that if the buyer defaults on any obligation of payment or performance under this contract, seller will upon demand, repurchase this contract for the amount of the unpaid balance, including finance charges, due at that time. I didn't find any thing about contingency of finance. Does any of this help. where would I look for contingency info?
Expert:  Lucy, Esq. replied 1 year ago.

That clause doesn't have any bearing on this situation, because you're not defaulting. It should be where the contract talks about the payment terms.

Expert:  Lucy, Esq. replied 1 year ago.

It might not say that - not all motor vehicle contracts have a financing contingency. But if yours does, it will strengthen your argument that you don't have to sign a new contract.

Customer: replied 1 year ago.
$52 in addition to $36?
Expert:  Lucy, Esq. replied 1 year ago.

That's only if you want someone to call you. But I don't participate in phone calls offered by the site. We can keep talking here for no extra charge.